Ethereum [ETH] Price Analysis: Failure To Find Support At This Level May Send ETH Crashing Towards $190


The Price of Ethereum is undergoing a major setback due to an ongoing BTC selloff. As the general crypto markets shared the brunt of the force, Ethereum crashed below a critical point of support at $200 and was trading around $199 as of May 22, 06:59 hours UTC.

As evident price decline sets in, Ethereum plunged below the critical support level at $200. At the moment, the ETH/USD trading pair is moving towards the $195 mark.

Currently trading at $198, the top cryptocurrency is displaying signs of a possible plunge below the resistance at $195. At this point, a move towards $190 is quickly forming.

Also read , Ethereum 2.0 to Launch in July, Says Vitalik Buterin. Is It a Comeback?

ETH 24-Hour Price Action And Market Capitalization

The price of Ethereum plunged by around $14 within the last 24 hours. This indicates about a 5% decline in price and market capitalization fell accordingly. This Price change may be the effect of Wednesday’s announcement of the movement of some early-minted BTC which caused a panic sell.

As of Friday, May 22, 06:24 hours UTC, the price of Ethereum is $199.88. However, about $13.41 billion of the volume was exchanged while maintaining about $22.19 billion of market capitalization.

These values bent towards a bearish bias amid a 5% negative market action since yesterday. Market capitalization now sits at $22.19 billion as price moves towards $190.

Ethereum (ETH) Technical Analysis

As ETH is still below $200, we can evaluate the market as bearish right now. The coin would still need to surge higher and smash above the resistance at $220 to turn bullish again.

A closing candle below $175 would put Etheruem in threat of twisting bearish in the short term.

If the buyers proceed to drive the price higher, the early point of resistance lies at $200. Above the $200 area, resistance is anticipated at $206 (1.414 Fib Extension), $218 (bearish .786 Fib Retracement), and $224 (1.618 FIb Extension).

eth price chart

Above this, expanded resistance point is located at $235 (bearish .886 Fib Retracement), $240, and $250.

On the downside, the initial level of support lies on the surging trend line. Below the trend line, support is found at the 100-days EMA at $180, $176 (.382 Fib Retracement), and $160 (.5 Fib Retracement).

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

Related Articles

Back to top button